Cobblers publish small loss as club file their annual set of accounts

Cobblers have published a loss of £150,708 in their latest set of accounts for the year ending June 2022.

This compares to a profit of £127,980 from the previous year, which was largely due to the record sale of defender Charlie Goode.

The figures, covering the 12-month period up to June 30 last year, also reveal the club's debt stood at £6.3million by the end of the financial year.

Northampton’s income increased by 19 per cent, with staffing – chiefly the playing budget and management team – the most significant cost, as is the case for most football clubs.

Chairman Kelvin Thomas said: “Our fans have been magnificent during what has been a very challenging and tough few years. To back the club the way they have is wonderful and shows the spirit and togetherness in the town and the club.

“We must also thank James and all the staff and volunteers who help drive the club forward day to day. From the Community to the First Team, everyone at this club works together and to come through these challenging times with a sound financial position while also investing in the club, winning European community awards and competing at the top end of the division shows you that fundamentally this is a very well-run football club which is well respected in football.”

The club made a profit of £779,870 from player trading. This was the result of several transactions during the year, including the fee received in relation to the transfer of a player from the club during the year, a percentage of a transfer received under a future sell-on agreement and compensation received under youth development rules.

It should be noted that the financial statements include the full amount of these transactions in the period that the transactions are completed and not the physical cash received in that period, and it is normal for transfer deals to be constructed in a way that sees money received over multiple years.

At the end of the financial year, the debt to the owners was £6,306,025. Funds are introduced into the club by the owners as required for the club to meet its financial obligations and, at times when there is a cash surplus, funds are transferred out to reduce the debt to the owners. No interest is charged on these loans.

The club said in a statement: “After a season where football was forced behind closed doors because of the Covid 19 pandemic, the 30th June 2022 financial statements cover the 2021/22 season, where supporters were able to return to matches and matchday and non matchday activities of the club slowly got back to more normal conditions. However the year was not without its challenges, with the impacts of the pandemic still being felt as well as rising inflation and significant cost increases.

"As a result of the return of supporters, income increased by 19% compared to the previous financial year. While the bottom line outcome for the year showed a loss of £150,708 this followed a comparative profit the previous year so to show a basically breakeven position over these two very tough years is significant.

"The auditors detail in their report, as they are required to do in each year, that the club is reliant on the support of the owners. This support allows the club to meet its financial obligations and invest in a competitive playing budget and capital projects such as recent and ongoing training ground improvements. The support from the owners is through interest free loans.

"During the period that these financial statements cover two directors were appointed to the board. The first being the appointment of Chief Executive Officer James Whiting. The second was the creation of a new position of Supporter Elected Director. Following a vote by supporters, Tom Cliffe was appointed to the board. This new role has proved a huge success providing benefits to supporters and to the club, creating closer links and effective communication across the support base.

"The club would like to place on record their sincere thanks to all supporters who backed the club so fantastically throughout the 2021/22 season and to all partners, sponsors and other stakeholders for their continued support.”